It has regrettably become a recurring issue in Bangladesh, where consumers often find themselves paying extra for essential commodities during festivals such as Ramadan, Eid, or Pahela Baishakh.

It has traditionally been observed that generally the price hike takes place on the eve of or during a festival. However, this is even more depressing that the syndicates of importers, hoarders and retailers over the last several years have started their amoral practice of pushing up the prices of necessary commodities well ahead of a festival.

This year also appears to be no exception, as this immoral conduct by certain traders is already evident in the market, with Ramadan still two months away. Our correspondents have found that prices for crucial commodities like rice, flour, onion, potato, beef, broiler chicken, garlic, ginger, gram, and vegetables have already surged in the capital.

SM Nazer Hossain, vice president of the Consumer Association of Bangladesh (CAB), noted, “Traders usually increase essential prices 2-3 months ahead of Ramadan, then the government imposes pressure on them, and they slightly reduce the prices.”

Some unscrupulous traders took advantage of the distraction caused by the national election and the formation of a new cabinet to increase prices, he added.

We know the number of businessmen who play the instrumental role in pushing up the prices is not that many. The whole import market is an oligopoly, where only a few business groups control the whole hog of the country’s imports, and they are the ones who control the prices of everyday essentials at their will. The majority of the other traders, including the retailers, in spite of being honest, have nothing to do but sell the products at unjustifiably high prices.

It is unlikely that the government is unaware of this situation, and it is inconceivable that these vested interests have become more powerful than the government itself. The expectation is not for the government to monitor the market solely during Ramadan but to address the issue comprehensively.

There appears to be a lapse in government authorities fulfilling their mandated duty, or possibly collusion between corrupt government officials and dishonest traders contributing to arbitrary price hikes during or before festivals.

 The inefficiency of the Trading Corporation of Bangladesh (TCB) in curbing price manipulation through timely intervention is a source of significant discontent.

Therefore, the government should take immediate measures to strengthen the TCB by providing it with efficient manpower and jurisdiction. In their election manifesto for the recently held 12th national election, the Awami League pledged to maintain commodity prices within everyone’s purchasing power. However, unfortunately, traders are exploiting the situation to secure substantial profits soon after the election.

We call for immediate and heightened market monitoring, with decisive measures to be taken against any identified wrongdoers.

To establish a sustainable solution to price manipulation by a select few, efforts should be made to break the oligopoly in trade and commerce, fostering a more competitive market. The emergence of strong consumers’ associations, acting as pressure groups against unjustified price hikes or violations of consumer rights, is also essential.